Page 2 of 2 FirstFirst 12
Results 11 to 20 of 20

Thread: NON-VAT to VAT

  1. #11
    Regular Member robcur's Avatar
    Join Date
    Apr 2013
    Location
    Catb. Samar , Philippines
    Posts
    130
    Thanks
    5
    Thanked 3 Times in 3 Posts
    I will just sum up all the amounts then entry it in the column not qualified for input tax for the month.?
    lakton7.wordpress.com
    robert0.swaultimate.com- Just add to Earn extra Income

  2. #12
    Chief viclogic's Avatar
    Join Date
    Jul 2011
    Location
    In the Philippines
    Posts
    636
    Thanks
    23
    Thanked 66 Times in 64 Posts
    Quote Originally Posted by robcur View Post
    I will just sum up all the amounts then entry it in the column not qualified for input tax for the month.?
    Where are you going to enter the total amount? where column? in the BIR Form? in the relief?

    BTW, you may check this article written by my friend for your guidance:
    http://taxacctgcenter.org/how-to-comply-with-summary-lists-of-sales-and-purchases/
    Read business and other related articles at BusinessTips.Ph
    Submit your business listing for free at BusinessDirectory.Ph

  3. #13
    Regular Member robcur's Avatar
    Join Date
    Apr 2013
    Location
    Catb. Samar , Philippines
    Posts
    130
    Thanks
    5
    Thanked 3 Times in 3 Posts
    Quote Originally Posted by viclogic View Post
    Where are you going to enter the total amount? where column? in the BIR Form? in the relief?

    BTW, you may check this article written by my friend for your guidance:
    http://taxacctgcenter.org/how-to-comply-with-summary-lists-of-sales-and-purchases/
    I'll just sum up all nonvat receipts then write it on the 2550Q 21M Purchase Not Qualified for Input Tax and 18M of 2550M Purchase Not Qualified for Input Tax. Is it correct?
    lakton7.wordpress.com
    robert0.swaultimate.com- Just add to Earn extra Income

  4. #14
    Chief viclogic's Avatar
    Join Date
    Jul 2011
    Location
    In the Philippines
    Posts
    636
    Thanks
    23
    Thanked 66 Times in 64 Posts
    yes. make sure they pertain to the right month/quarter
    Read business and other related articles at BusinessTips.Ph
    Submit your business listing for free at BusinessDirectory.Ph

  5. #15
    Regular Member robcur's Avatar
    Join Date
    Apr 2013
    Location
    Catb. Samar , Philippines
    Posts
    130
    Thanks
    5
    Thanked 3 Times in 3 Posts
    so this coming May for the month of April 2013can I use the Non-Vat receipts?
    for the computation of 2550M in column 18M that is to have tally purchases because basically the vatable purchases can be lower than non-vat purchases.
    lakton7.wordpress.com
    robert0.swaultimate.com- Just add to Earn extra Income

  6. #16
    Chief viclogic's Avatar
    Join Date
    Jul 2011
    Location
    In the Philippines
    Posts
    636
    Thanks
    23
    Thanked 66 Times in 64 Posts
    You can put your nonVAT purchases in "Purchases not qualified for Input Tax" in the VAT return as it is what's intended for. However, it doesn't really affect your Net VAT (Output - Input) computation in the return since their is no INPUT VAT from those purchases. It is only intended to reflect you current total purchases for the taxable month/quarter which are categorized in to Purchases qualified for Input Tax (18A/B, 18C/D, 18E/F, 18G/H, 18I/J, 18K/L, 18N/O) and purchases not qualified for Input Tax (18M). Your 18P Total Current Purchases (sum of, 18 A,C,E,G,I,K,M & N) should tally in your purchases in your Income statement (Cost of Sales) for the applicable period.

    Vatable purchases is lower than non-vat purchases??? Yes it happens actually. So, just follow what's actual.
    Read business and other related articles at BusinessTips.Ph
    Submit your business listing for free at BusinessDirectory.Ph

  7. #17
    Regular Member robcur's Avatar
    Join Date
    Apr 2013
    Location
    Catb. Samar , Philippines
    Posts
    130
    Thanks
    5
    Thanked 3 Times in 3 Posts
    Quote Originally Posted by viclogic View Post
    You can put your nonVAT purchases in "Purchases not qualified for Input Tax" in the VAT return as it is what's intended for. However, it doesn't really affect your Net VAT (Output - Input) computation in the return since their is no INPUT VAT from those purchases. It is only intended to reflect you current total purchases for the taxable month/quarter which are categorized in to Purchases qualified for Input Tax (18A/B, 18C/D, 18E/F, 18G/H, 18I/J, 18K/L, 18N/O) and purchases not qualified for Input Tax (18M). Your 18P Total Current Purchases (sum of, 18 A,C,E,G,I,K,M & N) should tally in your purchases in your Income statement (Cost of Sales) for the applicable period.

    Vatable purchases is lower than non-vat purchases??? Yes it happens actually. So, just follow what's actual.
    So it means again the Non-Vat is of no use to the Cost of Sale for the applicable period?
    lakton7.wordpress.com
    robert0.swaultimate.com- Just add to Earn extra Income

  8. #18
    Regular Member robcur's Avatar
    Join Date
    Apr 2013
    Location
    Catb. Samar , Philippines
    Posts
    130
    Thanks
    5
    Thanked 3 Times in 3 Posts
    Quote Originally Posted by robcur View Post
    So it means again the Non-Vat is of no use to the Cost of Sale for the applicable period?
    And may I also ask what is the use of ( 21N/O Others ) in 2550Q? thanks in advance
    lakton7.wordpress.com
    robert0.swaultimate.com- Just add to Earn extra Income

  9. #19
    New Member
    Join Date
    May 2013
    Posts
    7
    Thanks
    0
    Thanked 2 Times in 2 Posts
    if you purchase an item from a non vat registered supplier, you dont have an input..
    however when you resell that same item, you will reflect the purchase price under cost of sale..

    purchase non vat item ... can be sold with vat later on..
    tyfarma audit tax consultancy
    tyfarma.bravesites.com

  10. #20
    Chief viclogic's Avatar
    Join Date
    Jul 2011
    Location
    In the Philippines
    Posts
    636
    Thanks
    23
    Thanked 66 Times in 64 Posts
    Q. So it means again the Non-Vat is of no use to the Cost of Sale for the applicable period?

    Purchases, whether VAT or NonVAT, are used in computing your cost of sales. But you don't get input VAT on your purchases from nonVAT suppliers. So you just put those nonVAT purchases on your "Purchases Not Qualified for Input Tax."

    21N/O Others - Others are the place where you put things that don't fit in all the given categories.
    Read business and other related articles at BusinessTips.Ph
    Submit your business listing for free at BusinessDirectory.Ph

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •